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GBP/USD Forecast: consolidating near the highs, directionless

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The GBP/USD pair was once again rejected on an attempt to extend beyond the 1.5500 level, having extended up to 1.5505 with the European opening. The pair however, continues consolidating near its highs, ahead of BOE’s Governor Carney speech. The Bank of England head is due to testify on the Bank of England Bill before the Treasury Select Committee, in London, and market will be looking there for clues on a possible rate hike.

Carney is not expected to offer a certain date, but a hawkish tone will send investors towards the Pound, on hopes the hike will take place during the first half of 2016. A dovish tone on the contrary, should see the Pound giving back some ground.

From a technical point of  view, the 4 hours chart shows that the price holds a few pips above a horizontal 20 SMA, whilst the technical indicators are stuck around their mid-lines, lacking directional strength. Should the price finally accelerated through the 1.5500 level on Pound strength, the pair can rally up to 1.5550/60 before meeting some resistance. Further advances beyond it however, should see the price approaching 1.5590/5600.

An intermediate support comes at 1.5445, a strong Fibonacci level, with a break below it triggering a downward correction towards the 1.5380/1.5400 price zone. Additional declines below this last, should see the decline extending down to 1.5330/40.

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